In this 3 Day chart I'm attempting to illustrate a few things... As you can see from off of the March 2017 low indicated by the 2 red circles, the indicator charts have been steadily making higher lows. We can see a pattern of threes which is the way fractal wave patterns work at any and all time frames. Each wave has a left shoulder a head and a right shoulder. Sometimes these are distorted depending on the path rising or falling or neutral. The center is always the tightest. Each section of the wave can then be broken down into a further three sections ad infinitum...
Looking at this pattern one can expect a third wave in the series which I have indicated in the StochasticRSI indicator. After this the series will be complete and we can expect a retracement which I would suggest will be more of a longer term consolidation and potentially could be a few months. If you remember that March was a low for last year then perhaps this could repeat with a target end of consolidation sometime in March.
This is just one man's viewpoint for consideration and general discussion... So please add any insights you may have, however, unhelpful, non-contributive comments are not welcome on my pages. Thank you.
Looking at this pattern one can expect a third wave in the series which I have indicated in the StochasticRSI indicator. After this the series will be complete and we can expect a retracement which I would suggest will be more of a longer term consolidation and potentially could be a few months. If you remember that March was a low for last year then perhaps this could repeat with a target end of consolidation sometime in March.
This is just one man's viewpoint for consideration and general discussion... So please add any insights you may have, however, unhelpful, non-contributive comments are not welcome on my pages. Thank you.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.